Ensure the Best Outcome for your Transaction Processing Requirements
Data in business in one of most important aspects of growth in today’s information oriented world. It’s critical for a company to analyse and research in order to make the best decision possible. In order for data to lead to more sales, it needs to be accurate. Improper data will lead to many faults like incorrect targeting. Mistakes lead to wasted opportunities.
This is even more important when it comes to transaction processing. These areas have absolutely no room for error. This post will focus on some of the methods that can be used to ensure the best possible outcomes for your transaction processing systems.
In the past, transaction systems were all cumbersome and riddled with inaccuracy. Fortunately, there have been a lot of technological developments that eliminate those inaccuracies and make transaction processing much more mainstream. While these systems can be expensive in some cases, it’s almost always worth the cost. Businesses that still do things manually are going to struggle with growth.
Create Qualified Operators
You read that correctly. You don’t simply find operators. You need to make sure that you convert those new team members into qualified operators. This is done by setting up transaction processing procedures and then taking the time to train these people so that they are able to efficiently operate your system. As your business scales upward, you will need to bring more people in and repeat your qualification process. Always invest in the success of your business.
The first step is to understand exactly how transaction processing systems are designed to work. Let’s use a retail store as an example here. A customer brings their goods to the cashier, who scans each item. The customer then pays for the goods. To the customer, it seems like a two-step process but there is a lot of stuff happening behind the scenes.
- Store inventory is updated as each item is scanned.
- Price is pulled from database to the register as an item is scanned.
- Funds are placed on hold in the customer’s account, assuming a card is used for the purchase.
- Accounting information is updated based on the transaction.
- All of the above information is then stored onto a database.
Your business might have slight differences, but the basics will be the same. What’s important is that you have each step structured, written down, and set up in the most efficient way possible.
Set Up the Process
Here are some of the important steps that you must define. Put this stuff in writing.
- How are you going to collect data? These are known as input devices. For example, retail stores will collect data from inventory pads and registers.
- How are you going to process the data? You can use batch processing, online processing, and hybrid systems. This also involves the manipulation of data into reports and other vital information.
- How will you store information? Companies used to keep manual records but that’s a bad idea in today’s world. While certain regulations might still require it for certain items, store as much information digitally as possible.
- How will you pull data from your sources? Paper reports, detailed summaries and exception reports are all three examples of pulling data.
Finally, you need to point out to all members of your team who operate these transaction processing systems that accuracy is important. Include it as part of their training and create standard operating procedures that emphasise accuracy. It always comes down to the individuals operating the system. The more effort you put into their training, the better the system will operate.
Take advantage of our free, 14-day trial for our virtual data room.